Alt Thirty Six, a digital payments platform, has announced its support for Dash as a choice of payments for cannabis customers, merchants, and vendors.
Alt Thirty Six, a digital payments platform, has announced its support for Dash as a choice of payments for customers, merchants, vendors and up-and-coming retailers. The announcement came today via press release. The company based out of Phoenix, Arizona, will integrate digital currency into its new platform, 36. Accepting Dash will lower costs associated with handling cash and debit/credit charges for the cannabis industry.
Customers in selected retail industries, like the regulated cannabis industry will incur no costs paying with Dash at Point of Sale terminals or shopping online. Traditional alternatives such as cash are free to accept but come with the burden of transporting and risk of holding. Retailers currently have to pay extra to process and settle card payments. Card related fees incurred by merchants totaled $80 billion in the US alone in 2016.
Ken Ramirez, CEO of Alt Thirty Six said:
“Through this integration, we are focused on continuous research in payments, blockchain, and digital currency The Alt Thirty Six / Dash payment platform eliminates the need for cash-related activities for businesses by using blockchain technology and Dash currency to facilitate the transfer of funds between merchants, suppliers, vendors, and customers.” Dash’s Instant-send feature appeals to businesses which have seen more of them adopt it as a payment method. Dash’s development community is also responsive to value-added components that fuel acceptance in both B2C and B2B distribution and supply chains.
This partnership with Alt thirty was first proposed in September on a dash forum. CannTrade, a pivotal company in the cannabis B2B marketplace and distribution chain, yearned for 3rd party service tools to empower its business and grow sales. The California based company signed a 36 month exclusive deal with Dash Core team to list Dash on the company’s platform solely.
According to the proposal:
“CannTrade, California’s premier cannabis specific B2B marketplace & CRM has partnered with Alt Thirty Six to deliver the first truly comprehensive and expedient banking & digital payment solution to the cannabis industry.” Today’s announcement was a final step. As a digital payments enabler, Alt Thirty Six will service the integration.
CEO of Dash Core Group Ryan Taylor said
“We believe Alt Thirty Six will constitute a great channel as we expand into new retail verticals. These are all low-margin businesses that could benefit tremendously from lower transaction costs and the ability to reach new customers.” The legal marijuana industry is one of the victims of legacy financial regulations that stands to benefit from cryptocurrencies. Industry projections for retail cannabis sales are $20 billion and $50 billion for the years 2021 and 2026 respectively, with wholesale numbers making up roughly 60% of retail sales.
Consensus points to the lack of banking and digital payments facilities as the largest hurdles in achieving growth. Alt Thirty Six, together with Dash are nibbling at this problem across the country.
On the deal with CannTrade, CEO Ramirez of Alt Thirty Six said
“our close partnership with CannTrade, California’s premier cannabis specific B2B marketplace & CRM, will deliver the first truly comprehensive and expedient banking and digital payment solution for the fastest growing industry in the world.”